05/02/2013 - 13:50

Focus announces $27m half year loss, CEO resigns

05/02/2013 - 13:50

Bookmark

Save articles for future reference.

Focus Minerals shares have dipped on the ASX after the company announced a half year net loss of $27.4 million and the resignation of its chief executive, Campbell Baird.

The gold miner released a market update today, which revealed that a number of one-off costs relating to its Laverton operations had impacted its profitability.

Focus said $26 million of the loss could be pinned on amortisation costs, including $22 million for the pre-strip of the Apollo pit complex at the Laverton mine.

Chairman Don Taig said the company would commence a comprehensive review of operations with an aim of restoring profitability.

Focus produced 90,056 ounces of gold for the half year, up from 80,921 in the previous corresponding period.

Meanwhile, Focus announced chief executive Campbell Baird had tendered his resignation, with Mr Taig set to take up the post as the company searches for a successor.

“The board would like to thank Campbell for his accomplishments and the establishment of a talented and experienced management team that is well positioned to lead the company’s future success,” Mr Taig said.

At close of trade today, Focus shares were down 3 per cent, trading at 3.1 cents.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options